Croatia: Soybean Oil Market 2024

Soybean Oil Market Size in Croatia

For the third consecutive year, the Croatian soybean oil market recorded growth in sales value, which increased by 58% to $X in 2022. Over the period under review, consumption enjoyed a prominent increase. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in years to come.

Soybean Oil Production in Croatia

In value terms, soybean oil production reached $X in 2022 estimated in export price. Overall, production, however, saw a precipitous curtailment. The growth pace was the most rapid in 2015 when the production volume increased by 97%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from Croatia

In 2022, shipments abroad of soybean oil decreased by -84.6% to X tons, falling for the second year in a row after two years of growth. Overall, exports saw a dramatic descent. The pace of growth was the most pronounced in 2015 with an increase of 286% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports contracted dramatically to $X in 2022. In general, exports faced a abrupt slump. The pace of growth was the most pronounced in 2019 when exports increased by 167%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Poland (X tons) was the main destination for soybean oil exports from Croatia, with a 75% share of total exports. Moreover, soybean oil exports to Poland exceeded the volume sent to the second major destination, Montenegro (X tons), fourfold. Serbia (X tons) ranked third in terms of total exports with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland amounted to -16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+32.1% per year) and Serbia (+10.4% per year).

In value terms, Poland ($X) emerged as the key foreign market for soybean oil exports from Croatia, comprising 70% of total exports. The second position in the ranking was held by Montenegro ($X), with a 25% share of total exports. It was followed by Serbia, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Poland totaled -8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+34.7% per year) and Serbia (+26.6% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, increasing by 30% against the previous year. In general, the export price showed perceptible growth. The pace of growth appeared the most rapid in 2021 an increase of 52%. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Serbia ($X per ton) and Montenegro ($X per ton), while the average price for exports to Bosnia and Herzegovina ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+26.5%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Croatia

In 2022, the amount of soybean oil imported into Croatia expanded notably to X tons, with an increase of 12% against 2021. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 120% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports skyrocketed to $X in 2022. Overall, imports enjoyed a tangible expansion. The pace of growth was the most pronounced in 2015 with an increase of 73%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Serbia (X tons) constituted the largest soybean oil supplier to Croatia, with a 56% share of total imports. Moreover, soybean oil imports from Serbia exceeded the figures recorded by the second-largest supplier, Slovenia (X tons), threefold. Bosnia and Herzegovina (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume from Serbia stood at -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovenia (+8.6% per year) and Bosnia and Herzegovina (-9.6% per year).

In value terms, Serbia ($X) constituted the largest supplier of soybean oil to Croatia, comprising 56% of total imports. The second position in the ranking was taken by Slovenia ($X), with a 23% share of total imports. It was followed by Hungary, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Serbia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Slovenia (+14.6% per year) and Hungary (+23.3% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, surging by 43% against the previous year. In general, the import price recorded a notable expansion. The most prominent rate of growth was recorded in 2021 an increase of 54%. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Hungary ($X per ton) and Slovenia ($X per ton), while the price for Bosnia and Herzegovina ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :